Paymium chooses Railsbank as new banking partner

January 5, 2023
5 min reading time
Team Paymium

In order to always offer better services to our users, we have chosen to associate ourselves with a new banking partner in the European Union: RailsBank whose electronic money establishment is Payrnet.

Update 01/07/22: Railsr (formerly Railsbank) updates IBANs. Read more

What is the purpose of a banking partner?

Paymium allows you to exchange bitcoins for euros. We take care of the custody of the crypto-currencies and use a banking partner for the custody of euro funds.

Why did you decide to change your partner?

In accordance with French regulations, Paymium is registered with the Autorité des Marchés Financiers (AMF) as a Digital Asset Service Provider (DASP).
Consequently, Paymium has obtained a new status: being agent of an electronic money institution in order to offer Euro custody.
By choosing Railsbank as our banking partner, we are now able to provide each of our users with a dedicated IBAN. By offering you more and more services, we aim to offer services of a crypto bank.

Who is Railsbank ?

Railsbank is a British banking institution based in London.
This well-known establoshment successfully collaborates with several major players in the crypto-currency industry.

Due to the Brexit, banking institutions located in the UK cannot longer operate in the European Union. Railsbank has a subsidiary that holds a financial services license for the European market. This subsidiary, named UAB Payrnet, is based in Lithuania.

Lithuania is a member of the European Union and a driving force in terms of innovation in the financial technology sector. Moreover, this country is also particularly demanding in terms of compliance processes for companies operating in the country.

What is a dedicated IBAN?

For the first time at Paymium, each of our users now own an individual IBAN attached to their personal account with their own banking details, so there is no need to fill in a reference when you fund your account, you can memorize your IBAN and save time and peace of mind when depositing in Euros.

Why is my IBAN located in Lithuania?

For regulatory reasons, the funds of the payment service provider or electronic money institution are separated from those of the account holders.

As of July 1st, 2022, your personal IBAN is now located in Lithuania: More information

My IBAN is not displayed automatically, what can I do?

If your Euro balance was empty when we migrated, you must manually generate your new IBAN, in one click:

  1. Go to your deposit page, select the "Euro" tab.
  2. Click on the "Generate my IBAN" button.

In a nutshell

Since February 2022 Paymium has chosen Railsbank as its banking partner, a major and recognized player for payment services and storage of Euros.

At Paymium, we have always chosen to offer the best services, respecting compliance with regulations. The choice of this banking partner allows us to confirm our commitment to offer you a more efficient platform while maintaining the highest level of compliance with the law to ensure the best experience.

We do not compromise on security, ever. The security of the funds you exchange is our top priority.
With this update, you get better service (nominative IBANs, much faster transfers). This partnership also opens new perspectives in terms of functionalities.

If you have any questions, please contact our support team.

The Paymium team

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